Since the beginning of the year, the Fantuzzi Group had been seeking investors to help overcome its severe debt problems and had hoped that property sales would stave off a sale and allow the company to continue trading. When the efforts failed, the first phase of the sale of the Fantuzzi Group went ahead on July 28 in accordance with the requirements of the Group’s three main creditors. Following a period of due diligence, a number of companies then formally expressed an interest in acquiring the company in accordance with the procedures outlined by Fantuzzi’s advisers – the merchant bank La Compagnia Finanziaria and the law firm Simmons & Simmons).
A short list composed of four companies (Manitowoc, Terex, Konecranes and Kalmar) was then drawn up by Fantuzzi’s Board of Directors with a view to selecting “the best qualified group according to previously announced criteria.”
The Terex acquisition is for Fantuzzi’s three factories in Italy, the Noell subsidiary’s operations in Germany and Fantuzzi’s 70% stake in Noell’s Chinese joint venture. It represents the first time Terex has been involved in the quay crane market apart from its involvement through its Terex-Demag subsidiary that was part of the group that at one time owned mobile harbour crane manufacturer, Gottwald in Dusseldorf.